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World India's Reliance buys Norway-based REC Solar in green energy push

14:26  10 october  2021
14:26  10 october  2021 Source:   afp.com

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Asia's richest man Mukesh Ambani's Reliance conglomerate has bought Norway-based REC Solar from China National Bluestar for $771 million, the company said Sunday as it aggressively expands into the green energy sector.

Mukesh Ambani's Reliance conglomerate has bought Norway-based REC Solar as it aggressively expands into the green energy sector © Indranil MUKHERJEE Mukesh Ambani's Reliance conglomerate has bought Norway-based REC Solar as it aggressively expands into the green energy sector

The oil-to-telecom giant pledged in June to invest $10 billion in renewable energy over the next three years -- one of several big firms moving into the industry as the South Asian giant pushes to reduce its dependence on imported fossil fuels.

Longest under-sea electricity cable operational

  Longest under-sea electricity cable operational The 450-mile (725km) cable connects Blyth in Northumberland with the Norwegian village of Kvilldal. At full 1,400 megawatt capacity it will import enough hydro-power to supply 1.4 million homes, National Grid said.National Grid Ventures president Cordi O'Hara said it was a "remarkable feat of engineering".He added: "We had to go through mountains, fjords and across the North Sea to make this happen."North Sea Link (NSL) is also a great example of two countries working together to maximise their renewable energy resources for mutual benefit." National Grid said the €1.6bn (£1.

The Mumbai-headquartered firm said the purchase would open up opportunities in key green energy markets such as the United States, Europe, Australia and Asia.

"It (buying REC Solar) will enable India to become a world leader in green energy transition to overcome the climate crisis," Ambani said in a statement.

Ambani added that Reliance hopes to generate 100 gigawatts of renewable energy by the end of the decade -- nearly a quarter of the 450GW target set by Indian Prime Minister Narendra Modi.

REC, a solar panel manufacturer, has its headquarters in Norway and runs its operations from Singapore, with regional hubs in North America, Europe, Australia, and the Asia-Pacific region.

China National Bluestar is majority-owned by state-run China National Chemical Corporation (ChemChina).

Reliance's multi-billion-dollar fortune has been powered by oil and petrochemicals businesses, but the company has diversified into areas including telecoms and retail in recent years in the country of 1.3 billion people.

Reliance on Saturday opened India's first 7-Eleven convenience store in Mumbai, as it boosts its retail presence in a sector dominated by family-owned stores, known as "kirana" shops.

India is the world's third-biggest carbon emitter and is expected to become the world's most populous country by the middle of the decade.

grk/ssy

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usr: 0
This is interesting!